Next of Kin does not automatically inherit bank accounts – BoG
Bank of Ghana (BoG) has stressed that a Next of Kin is not automatically entitled to access the funds in a deceased person’s account.
“The person nominated as the Next of Kin does not automatically inherit or gain access to the account or the funds in the account of the deceased.”
In order to gain entry into a deceased person’s bank account, the bank explained that a Next of Kin needs to be listed as a beneficiary in the deceased person’s will. They also need to provide the necessary legal documents, like Letters of Administration to enable the individual to administer the deceased person’s estate.
This Bank of Ghana notice, dated August 27, 2024, and signed by Secretary Sandra Thompson, emphasizes how important it is for Ghanaians to be aware of the legal procedures that go into handling a deceased person’s bank account issues.
The explanation of Next of Kin, is a part of the central bank’s continuous efforts to improve financial inclusion and encourage accurate public knowledge on banking practices.
As per the notice, “Next of Kin” typically means, the nearest living relative of the account holder who may be contacted in the event that the account holder cannot be reached.
The notification emphasized how crucial it is to choose a Next of Kin who is of legal age and able to supply relevant account holder details when required.
“We encourage citizens to make informed decisions when naming their Next of Kin during account opening,” BoG stated.
